Colorado attorney general urges student loan servicers, other creditors to pause debt collection efforts

Coronavirus

DENVER (KDVR) — Colorado Attorney General Phil Weiser said Wednesday he is urging student loan servicers and other creditors to hold off on debt collection efforts amid the coronavirus outbreak.

“Coloradans are experiencing a sense of financial uncertainty and could lose their income due to illness or workplace closures. Many people will not be able to pay their student loans or other bills if they don’t have [a] paycheck, have limited income or a shuttered business,” Weiser said in a statement.

The attorney general applauded service providers who have already offered assistance to customers.

“Today, alongside House Majority Leader Alec Garnett and Rep. Leslie Herod, I urge student loan servicers, creditors, and debt collectors to refrain from mandatory debt collection efforts from those who are unable to pay because of their financial circumstance. Moreover, to the extent that such providers can work proactively with borrowers to help them best manage their situation, they will join other businesses taking responsible and compassionate efforts to lessen the impact of this crisis,” Weiser said.

He urged financial institutions to act responsibly and compassionately.

“We will continue to evaluate and investigate relevant legal avenues to protect borrowers and lessen the serious impact of this crisis,” Weiser said.

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